GSPC looks at financial restructuring post $1.2 billion ONGC deal

After selling its stake in KG gas block to ONGC for $1.2 billion, Gujarat State Petroleum Corp (GSPC) is mulling a big financial restructuring including trimming stake in some business like LNG and portfolio readjustment, its Managing Director JN Singh said. The Gujarat government firm, which is saddled with nearly Rs 20,000 crore of debt, has a large gas trading business, gas transmission pipelines and city gas business. GSPC has already offered to IOC its entire 50 per cent stake in Rs 4,500-crore LNG import terminal being set up at Mundra in Gujarat in partnership with Adani Group. The 5 million tonne a year import terminal is 90 per cent complete.